CFA一级权益投资练习题(四)——出自高顿财经CFA

CFA一级权益投资练习题（四）——出自高顿财经CFA1.Analystestimatestheintrinsicvalueofastocktobeequalto?1,567pershare.Ifthecurrentmarketvalueofthestockis?1,487pershare,thestockis:A)overvalued.B)undervalued.C)fairlyvalued.答案及解析：正确答案：BIfastock’sintrinsicvalueisgreaterthanitsmarketvalue,thestockisundervalued.2.WitronixisarapidlygrowingU.S.companythathasincreasedfreecashflowtoequityanddividendsatanaveragerateof25%peryearforthelastfouryears.Thepresentvaluemodelthatismostappropriateforestimatingthevalueofthiscompanyisa:A)multistagedividenddiscountmodel.B)Gordongrowthmodel.C)singlestagefreecashflowtoequitymodel.答案及解析：正确答案：AAmultistagemodelisthemostappropriatemodelbecausethecompanyisgrowingdividendsatahigherratethancanbesustainedinthelongrun.Thoughthecompanymaybeabletogrowdividendsatahigher-than-sustainable25%annualrateforafiniteperiod,atsomepointdividendgrowthwillhavetoslowtoalower,moresustainablerate.TheGordongrowthmodelisappropriatetouseformaturecompaniesthathaveahistoryofincreasingtheirdividendatasteadyandsustainablerate.AsinglestagefreecashflowtoequitymodelissimilartotheGordongrowthmodel,butvaluesfuturefreecashflowtoequityratherthandividends.3.Allelseequal,ifafirm’sreturnonequity(ROE)increases,thestock’svalueasestimatedbytheconstantgrowthdividenddiscountmodel(DDM)willmostlikely:A)increase.B)notchange.C)decrease.答案及解析：正确答案：AIncreaseinROE:ROEisacomponentofg.Asgincreases,thespreadbetweenkeandg,ortheP/Edenominator,willdecrease,andtheP/Eratiowillincrease.4.Assumingthatacompany'sreturnonequity(ROE)is12%andtherequiredrateofreturnis10%,whichofthefollowingwouldmostlikelycausethecompany'sP/Eratiotorise?A)Thefirm'sROEfalls.B)Theinflationratefalls.C)Thefirm'sdividendpayoutrises.答案及解析：正确答案：B§Decreaseintheexpectedinflationrate.Theexpectedinflationrateisacomponentofke(throughthenominalriskfreerate).kecanberepresentedbythefollowing:nominalriskfreerate+stockriskpremium,wherenominalriskfreerate=[(1+realriskfreerate)(1+expectedinflationrate)]–1.§Iftherateofinflationdecreases,thenominalriskfreeratewilldecrease.§kewilldecrease.§Thespreadbetweenkeandg,ortheP/Edenominator,willdecrease.§P/Eratiowillincrease.(Anincreaseinthestockriskpremiumwouldhavetheoppositeeffect.)§DecreaseinROE:ROEisacomponentofg.Agdecreases,thespreadbetweenkeandg,ortheP/Edenominator,willincrease,andtheP/Eratiowilldecrease.§Increaseindividendpayout/reductioninearningsretention.Inthiscase,anincreaseinthedividendpayoutwilllikelydecreasetheP/EratiobecauseadecreaseinearningsretentionwilllikelylowertheP/Eratio.Thelogicisasfollows:Becauseearningsretentionimpactsboththenumerator(dividendpayout)anddenominator(g)oftheP/Eratio,theimpactofachangeinearningsretentiondependsuponthererelationshipofkeandROE.Ifthecompanyisearningahigherrateonnewprojectsthantheraterequiredbythemarket(ROEke),investorswilllikelypreferthatthecompanyretainmoreearnings.Sinceanincreaseinthedividendpayoutwoulddecreaseearningsretention,theP/Eratiowouldfall,asinvestorswillvaluethecompanylowerifitretainsalowerpercentageofearnings.5.WhichofthefollowingisNOTadeterminantoftheexpectedprice/earnings(P/E)ratio?A)Expecteddividendpayoutratio(D/E).B)Averagedebttocapitalratio(D/C).C)Expectedgrowthrateindividends(g).答案及解析：正确答案：BTheP/EratioisdeterminedbypayoutratioD/E,requiredreturnKe,andexpectedgrowthg.